Sheikh Mohammmed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, greets Emirati and Saudi members and delagates of the new Coordination Council in Jeddah. Photo Courtesy SPA

The UAE and Saudi Arabia took significant steps on Wednesday to accelerate joint co-operation with the first meeting of the Saudi-Emirati Coordination Council in Jeddah.

The council, chaired by Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and Saudi Crown Prince Mohammed bin Salman, met at the Peace Palace in Jeddah and declared its organisational structure.

There will be a total of 44 joint projects promoting economic, developmental and military integration. The initiative, known as The Strategy of Resolve was prepared by 350 government officials from many fields over a year, and has three main axes: economic; human and knowledge; and the political, security and military.

The two leaders have set a five-year time-frame to implement the projects. The strategy also protects the interests of both countries and creates opportunities for them.

A number of projects were announced on Wednesday, including a strategy for food security, a unified plan for medical stocks, a common supply security system and joint investment in oil, gas and petrochemicals.

The Strategy of Resolve also includes a plan to establish an agricultural investment company with capital of Dh5 billion; a joint venture fund for renewable energy; and a third investment fund for small and medium-sized enterprises.

There are also plans to help the flow of traffic in ports, build a unified industrial database, empower the banking sector in both countries, harmonise economic procedures and legislation and create a joint council to coordinate foreign investments.

“We are the two largest Arab economies, forming the two most modern armed forces. The economies of Saudi Arabia and the UAE represent a gross domestic product of one trillion dollars, our joint exports rank fourth globally and amount to $750bn, plus Dh150bn annually invested in infrastructure projects, which generates huge opportunities for bilateral cooperation,” he said.

A statement carried by state news agency Wam said: "The council’s vision aims to promote the two countries’ global stature in areas of economy, human development, and political, security and military integration as well as ensuring welfare and happiness for their peoples”.

Among its aims, “the council seeks to develop a joint vision to deepen bilateral relations in line with the objectives set by the Gulf Cooperation Council in order to strengthen economic integration between the sides and develop innovative solutions for the optimum utilisation of resources while building up an efficient and integrated education system premised on grooming qualified national generations”.

In December, President Sheikh Khalifa issued a decree to consolidate ties between the UAE and Saudi Arabia and enhance cooperation on regional and global issues.

Topics discussed included enhancing GDP, military purchases and production, strategic political conversations, oil and petrochemicals, international companies, tourism and culture, education and research and a joint financial market.

At the end of the meeting, Sheikh Mohammed and Prince Mohammed signed the minutes of the council's meeting.